Are you still sending in 1099's?

[JenMO]

I have some late clients who would like to send 1099's. Should I go ahead, better late than not? Might there be penalties. Anyone have a penalty on a late filing?

[Traveling EA]

Late 1099's

I have some late clients who would like to send 1099's. Should I go ahead, better late than not? Might there be penalties. Anyone have a penalty on a late filing?

I haven't seen any penalties for late 1099s - at least they are getting filed. The recipients, if they are not totally honest may not be the happiest if they get a 1099 now, if they 'forgot' about this income. I have a client who just received a corrected 1099 with a change in dividends from Fidelity FOR 2011! the date on the statement is 3.22.13.

[DaveinTexas]

Great question

I have some late clients who would like to send 1099's. Should I go ahead, better late than not? Might there be penalties. Anyone have a penalty on a late filing?

I just received an email request today (Sunday) for a 1099. I will file it and make the client aware of possible late filing and late furnishing penalties.

As if we didn't have enough to get finished this week right? :-)

[geekgirldany]

I get them every year. They wait until they are ready to file their tax returns before having 1099s sent out. Even though I remind them. Happens with W-2s also where there is a S-Corp with only one shareholder. Usually after the first year of seeing the penalties they come in earlier.